Bw Offshore Ltd.

Investor Presentation • Aug 28, 2025

BW Offshore Q2 2025 and strategy update

28 August 2025

CEO Marco Beenen CFO Ståle Andreassen CSO Anders S. Platou

Disclaimer

This Presentation has been produced by BW Offshore Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person.

This document contains certain forward-looking statements relating to the business, financial performance and results of BW Offshore and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Offshore or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Offshore or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Offshore assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

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Highlights

• Q2 EBITDA of USD 57 million
• Q2 net profit of USD 25 million
• H1 EBITDA of USD 148 million
• H1 net profit of USD 87 million

BW Opal hooked up on Barossa field and on track for first gas in Q3

EBITDA guidance raised to USD 240-260 million for 2025

Q2 cash dividend of USD 11 million equal to USD 0.063 per share

Operational Update

BW Opal FPSO - nearing start-up on the Barossa field

• Final completion cost tracking well within guidance
• Revenue ramp-up: 60% dayrate at start-up (RFSU), increasing to 100% at practical completion
• 15-year, USD 4.6 billion firm lease and operate contract plus 10 years of options

Fleet and HSE performance

Weighted average fleet uptime¹ HSE record (LTM)⁵

• One recorded HPI

• 1) Weighted average fleet uptime based on units' actual vs. potential revenue contribution.
• 2) Lost time injuries per million man-hours.
• 3) Total recordable incidents per million man-hours.
• 4) High potential incidents per million man-hours.
• 5) The incident statistics include incidents by BW Offshore employees and contractors.

Strong cash flow underpinned by the core FPSO fleet

Unit	2021 2022	2023 2024 2025 2026	2027 2028 2029 2030	2031 2032 2033 2034 2035
BW Opal	Santos, Australia: 2025-2040 (2050)
BW Adolo	BW Energy, Gabon: 2018-2028 (2038)
BW Catcher	Harbour Energy, UK: 2018-2025 (2043)
BW Pioneer	Murphy Oil, US: 2012-2030
Construction / EPC O&M	Lease & Operate - fixed period Lease & Operate - option period
•	BW Opal On track to receive first gas during Q3 2025	BW Adolo • Q2 gross oil production of ~36,200 bbls/day • O&M handed over to BW Energy in Q2 2025 • Put and call option in	BW Catcher • Q2 production of ~22,200 bbls/day • Expected to remain on contract through 2028	BW Pioneer • BWO providing O&M services under a five year contract

FEED close-out and pre-FEED advancing with Equinor

• FEED completed without proceeding to contract award
• Partnership evaluating a broader market engagement
• Client to compensate for FEED work

FEED: Block 29 - Mexico Pre-FEED: Bay du Nord - Canada

• Pre-FEED on track for mid-September completion
• Close collaboration with Equinor on design, safety and commercial approach
• Expect to continue developing the Bay du Nord FPSO project post Pre-FEED

EBITDA performance

• EBITDA reduced due to the sale of BW Pioneer as well as the arbitration settlement in Q1
• 2025 EBITDA guidance raised

Q2 EBITDA

2025 EBITDA outlook

240-260

USD million (FY expected)

Income statement

• Reduced depreciation as BW Pioneer was sold in Q1
• Impairment related to capitalised cost for Repsol FEED work
• Earnings per share of USD 0.14

USD million	Q2 2025	Q1 2025	2024
Operating revenues	127.8	153.4	606.7
Operating expenses	(70.7)	(62.1)	(288.7)
EBITDA	57.1	91.3	318.0
Depreciation & amortisation	(21.4)	(32.4)	(177.9)
Impairment	(14.5)	0.0	1.1
Gain (loss) on sale of assets	0	14.8	0.0
EBIT	21.2	73.7	141.2
Net interest income (expense)	0.0	1.1	(20.8)
Gain (loss) on financial instruments	6.3	6.5	0.1
Other financial items	(0.5)	2.8	20.0
Net financial income (expense)	5.8	10.4	(0.7)
Share of profit (loss) from equity accounted investments	(1.9)	(4.6)	(13.3)
Profit (loss) before tax	25.1	79.5	127.2
Income tax expense	(0.5)	(17.3)	(7.4)
Net profit (loss) for the period	24.6	62.2	119.8

Q2 cash flow overview

• USD 36 million from arbitration settlement
• Remaining USD 24 million received for the sale of BW Pioneer

USD million

Enhancing backlog visibility

Revenue backlog¹

• 90% firm
• Includes USD 1.1 billion of prepayments

Operating cash flow backlog

• 81% firm
• Includes USD 1.4 billion in operating costs and tax expenses
• 51% of BW Opal charter hire²

BW Adolo, BW Catcher and BW Pioneer

1) Option backlog includes options deemed likely to be exercised. BW Opal backlog includes USD 4.6bn (gross) firm period.

2) With 100% BW Opal charter hire, the operating cash flow backlog would be USD 1.3 billion higher.

Note: Operating cash flow and revenue backlog does not include the USD 100 million put/call option related to BW Adolo in 2028 (considered investing cash flow).

Strong cash flow and low leverage support growth

Consolidated net debt and leverage ratio¹ Equity ratio²

Consolidated net debt / LTM reported EBITDA

1) Not including lease liabilities (USD 20.6 million as of Q2 2025) and finance liability related to BW Opal lease (USD 1,408 million as of Q2 2025, expected first gas in Q3 2025).

2) Equity ratio impacted by Barossa accounting, which includes both the finance liability and deferred revenues of USD 1,027 million. The latter reflects the total invoiced pre-payments, of which USD 1,013 million have been received.

Solid financial position provides flexibility

Maturity profile

USD million

Strategy Update

Well-positioned for long-term value-creation

Positioning

• Streamlined with increased investment capacity
• Disciplined tendering
• Struggled to win and efficiently execute new FPSO business

Market

• Oil and gas for longer
• Promising market for growing the FPSO business
• The energy transition will be slower than expected

Priorities

• Strengthen ability to convert opportunities into projects
• Enhance project execution capabilities
• Develop strong partnerships
• Build organisation and culture

Reaffirming and refining strategy

2020-2024 priorities and deliveries Updated strategic focus

Extracting maximum value from the conventional FPSO fleet and BW Energy

632 USDm liquidity from divesting 12 FPSOs and BWE

Growing the core floating production business through new offshore energy infrastructure projects

Building a substantial and growing position in offshore renewable energy infrastructure

213 USDm returned to shareholders as dividend

1 New FPSO contract

98

USDm invested in leading floating offshore wind solution

Reaffirming

FPSO projects and operations

Investment-grade energy companies and solid NOCs

Ambition: Win one project every other year

Refining

Floating transition solutions

Quality counterparties

Ambition: One or two additional segments by 2030

Oil and gas for longer

Three scenarios for world primary energy supply (PJ/yr)1,2

DNV ETO 2024 – Medium paced transition Gas for longer, CCS and wind growth, but late

IEA NET ZERO 2024 – Accelerated transition Strong renewables growth, CCS in majority of natural gas and coal

Energy consumption down

Promising FPSO market outlook

Planned FPSO projects 2025-2030¹

Contracting type by region

20

• Secure return requirement through firm

contract period

Selection criteria

• Strong counterparties

Source: EMA's (Energy Maritime Associates) EMA 2025 V3 FSP Data 1) Planned FPSO awards

Strengthening business development and project execution

Simplification Client

orientation

Predictable project delivery

21

Collaborate and lead by example

Partnerships to efficiently deliver FPSOs with right risk-reward

Carried 'all' EPCI¹risk

Successfully pioneered new financing structures

Core EPCI project workflows Historically Future

Concept and feasibility Detailed design / engineering Procurement and contracting Hull and topside fabrication Integration / commissioning

Financing and commercial structuring

Risk-sharing contract models Quality EPC partners De-risk project execution

Access to capital at competitive terms and with balanced risk

Progressing multiple FPSO prospects

• Bay du Nord progressing well
• Block 29, development options being considered
• BW Catcher redeployment
• Acquired FPSO Nganhurra, highquality hull ready for efficient redeployment with target projects identified
• Advancing additional opportunities in Brazil, West Africa and Asia-Pacific

Positioning to become a leading EPCI floating wind contractor in Europe

Tangible revenue streams

• Engineering and technology licensing
• EPCI and fabrication lines

• Selective co-development

• Pursuing preferred supplier agreements on Buchan (Scotland) and AO6/AO9 (France)

• Sites with ~1 GW and 250/750 MW capacity respectively

• Developing construction sites in Scotland and France

• Concrete solution provides edge on cost and local content
• Progressing partnerships with construction companies

EPCI pipeline firming up Partner driven fabrication CF break-even targeted from 2028

• Annual corporate funding requirement of EUR ~10m
• Continuing investor dialogue
• Early-stage co-development project stakes
• Monetise projects around FID

Floating transition solutions

• Selective approach
• Applying FPSO risk approach and return requirements
• Utilising proven technologies
• In geographies supportive of the transition
• Annual R&D spend USD ~5 million

Solution	Commercial viability	Project status and characteristics
Floating desalination	<2 years	• Testing market • Contract length: 1-5 years • Capex: USD 60-80 million
Floating gas to power w/CCS	3-5 years	• Testing market • Contract length: 10-20 years • Capex: USD ~1.5 billion
Ammonia	3-5 years	• Developing market • Contract length: 10-20 years • Capex: USD ~1.5 billion

26

Delivering increased long-term value-creation

Disciplined capital allocation

Maintain strong cash flow from the FPSO fleet

Grow FPSO business through new projects to increase free cash flow

Longer-term, develop floating transition solutions by leveraging FPSO expertise

Maintain a robust balance sheet

Target growing dividends to shareholders over time

Aspiration towards 2030 Assumptions

>15%

average total shareholder return per annum

Winning three new FPSO or redeployment projects by end 2030

Limited investment in, and contribution from, transition solutions expected in the same period

Potential upside from M&A

27

Outlook

• Start production from BW Opal
• Progress new FPSO projects, targeting one FID within 12 months
• Maintain an attractive shareholder return programme

We engineer offshore production solutions to progress the future of energy.

Analytical information

Unit	Contract status	LDT	Annual firm period EBITDA range	Annual depreciation	Other information
BW Adolo	2018-2028 (2038)	47,544	USD 55 - 70 million1	USD ~27 million	• Production tariff: • USD 1.5/bbls up to 20,000 bbls/day production • USD 3/bbls for each bbls beyond 20,000 bbls/day
BW Catcher	2018-2026 (2043)	57,764	USD 160 - 170 million	USD ~45 million
BW Pioneer	2025-2030	29,092	USD 4-6 million	N/A	• Service fee increases in tiers based on actual average daily production each quarter
BW Opal	2025-2040 (2050)	125,298	USD 255 - 265 million	USD ~160 million2	• USD ~1 billion of non-cash revenue to be amortised until end of firm period • Cash flow to BW Offshore after debt service: USD ~30 million per annum

Comments:

• Fleet book values as of Q2
  • o Vessels in operation: USD 684 million
  • o Vessels under construction: USD 2,533 million

1) Varies with BW Adolo production levels and corresponding tariffs.

²⁾ Hull value is depreciated over 25 year. Rest of book value is depreciated over 15 years.

Income statement

	Q1 2023	Q2 2023			Q3 2023 Q4 2023 FY 2023 Q1 2024						Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025
CONTINUING OPERATIONS
Operating revenue	166.3	166.1	156.4	170.4	659.2	168.6	151.9	150.9	135.3	606.7	153.4	127.8
Operating expenses	(87.3)	(105.2)	(81.9)	(79.3)	(353.7)	(83.1)	(74.5)	(67.7)	(63.4)	(288.7)	(62.1)	(70.7)
Operating profit /(loss) before depreciation/amortisation	79.0	60.9			74.5 91.1 305.5 85.5						77.4 83.2 71.9 318.0 91.3 57.1
Depreciation	(46.9)	(45.0)	(44.7)	(45.5)	(182.1)	(44.3)	(44.1)	(44.2)	(39.8)	(172.4)	(31.0)	(20.1)
Amortisation	(1.3)	(1.3)	(1.2)	(1.3)	(5.1)	(1.4)	(1.4)	(1.4)	(1.3)	(5.5)	(1.4)	(1.3)
Impairment vessels and other assets	-	(5.1)	-	-	(5.1)	1.1	-	-	-	1.1	0.0	(14.5)
Gain/(loss) sale of assets	6.4	8.7	9.6	-	24.7	-	-	-	-	0.0	14.8	0.0
Operating profit/(loss)	37.2	18.2			38.2 44.3 137.9 40.9						31.9 37.6 30.8 141.2 73.7 21.2
Interest income	1.1	2.9	1.8	3.3	9.2	2.9	5.7	4.4	4.7	17.7	6.4	5.1
Interest expense	(13.5)	(11.7)	(11.9)	(12.3)	(49.5)	(11.6)	(10.5)	(8.7)	(7.7)	(38.5)	(5.3)	(5.1)
Gain/(loss) on financial instruments	(13.9)	2.9	10.4	11.5	10.9	3.1	2.5	(8.1)	2.6	0.1	6.5	6.3
Other financial items	10.3	1.0	(2.8)	(21.9)	(13.4)	6.4	(2.2)	(4.0)	19.8	20.0	2.8	(0.5)
Net financial income/(expense)	(16.0)	(4.9)			(2.5) (19.4) (42.8)	0.8			(4.5) (16.4) 19.4		(0.7) 10.4	5.8
Share of profit/(loss) from equity-accounted investees	(0.3)	0.6	0.4	17.5	18.2	(2.2)	4.1	(5.7)	(9.5)	(13.3)	(4.6)	(1.9)
Profit/(loss) before tax	20.9	13.9			36.1 42.4 113.3 39.5						31.5 15.5 40.7 127.2 79.5 25.1
Income tax expense	(3.1)	(3.0)	(7.2)	(2.4)	(15.7)	(2.7)	(2.3)	(2.5)	0.1	(7.4)	(17.3)	(0.5)
Profit/(loss) from continuing operations	17.8	10.9			28.9 40.0 97.6 36.8						29.2 13.0 40.8 119.8 62.2 24.6
DISCONTINUED OPERATION
Profit/(loss) from discontinued operation	-	-	-	-	-	-	-	-	-	-	-	-
Net profit/(loss) for the period	17.8	10.9	28.9	40.0	97.6	36.8	29.2	13.0	40.8	119.8	62.2	24.6
Attributable to shareholders of the parent	18.5	12.0	30.0	39.9	100.4	37.0	29.2	13.7	40.7	120.6	61.7	25.0
Attributable to non-controlling interests	(0.7)	(1.1)	(1.1)	0.1	(2.8)	(0.2)	0.0	(0.7)	0.1	(0.8)	0.5	(0.4)
EARNINGS PER SHARE
Basic earnings/(loss) per share (USD) net	0.10	0.07	0.17	0.22	0.56	0.20	0.16	0.08	0.23	0.67	0.34	0.14
Diluted earnings/(loss) per share (USD) net	0.09	0.07	0.15	0.20	0.52	0.19	0.15	0.08	0.21	0.63	0.34	0.14

Other comprehensive income

	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	FY2024	Q1 2025	Q2 2025
Net profit/(loss) for the period	17.8	10.9	28.9	40.0	97.6	36.8	29.2	13.0	40.8	119.8	62.2	24.6
Currency trans lation differences	1.2	1.1	(3.7)	5.1	3.7	(2.2)	(0.9)	4.8	(6.8)	(5.1)	4.8	6.8
Equity-accounted investees - share of OCI	(9.2)	10.7	20.7	(26.1)	(3.9)	12.8	1.6	(22.3)	22.8	14.9	(9.5)	(6.8)
Net profit/(loss ) on cash flow hedges	1.0	1.8	1.4	0.7	4.9	(0.7)	0.2	0.6	(0.6)	(0.5)	0.0	0.0
Net items to be reclassified to profit or loss:	(7.0)	13.6	18.4	(20.3)	4.7	9.9	0.9	(16.9)	15.4	9.3	(4.7)	0.0
Remeas urement of defined benefit liability (as set)	-	-	-	(0.1)	(0.1)	-	-	-	(0.1)	(0.1)	0.0	0.0
Equity Investments at FVOCI -net change in fair value	-	-	-	(0.4)	(0.4)	-	-	-	-	-	-	-
Net items not to be reclassified to profit or loss:	-	-	-	(0.5)	(0.5)	-	-	-	(0.1)	(0.1)	0.0	0.0
Other comprehensive income, net of tax	(7.0)	13.6	18.4	(20.8)	4.2	9.9	0.9	(16.9)	15.3	9.2	(4.7)	0.0
Total comprehensive income	10.8	24.5	47.3	19.2	101.8	46.7	30.1	(3.9)	56.1	129.0	57.5	24.6
Attributable to shareholders of the parent	10.7	25.1	49.9	18.5	104.2	48.2	30.5	(5.3)	59.8	133.2	54.8	20.6
Attributable to non-controlling interests	0.1	(0.6)	(2.6)	0.7	(2.4)	(1.5)	(0.4)	1.4	(3.7)	(4.2)	2.7	4.0

Balance sheet

ASSETS								3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Vessels	2,379.3	2,520.9	2,662.7	2,833.5	2,889.2	2,969.3	3,037.1	3,138.6	3,086.4	3,217.1
Other property, plant & equipment	6.8	4.8	2.9	2.8	2.6	2.4	2.3	2.1	2.0	1.9
Right-of-use assets	19.2	17.3	15.3	13.8	25.9	24.0	22.2	21.4	21.5	20.7
Intangible assets and goodwill	87.9	87.5	83.8	87.8	85.2	84.0	86.5	80.4	83.4	89.9
Equity-accounted investees	338.3	359.9	384.9	384.8	224.8	235.4	212.2	226.4	218.8	217.2
Finance lease receivables	-	-	-	-	-	-	-	-	-	-
Deferred tax assets	61.9	61.6	61.6	61.6	61.6	61.6	62.1	64.1	62.1	62.2
Pension assets	-	-	-	-	-	-	-	-
Derivatives	37.8	36.6	44.4	37.7	31.4	28.9	19.9	25.2	6.2	10.1
Other non-current assets	7.7	11.0	11.0	12.3	11.9	11.6	8.4	8.0	8.3	7.1
Total non-current assets	2,938.9	3,099.6	3,266.6	3,434.3	3,332.6	3,417.2	3,450.7	3,566.2	3,488.7	3,626.2
Inventories	6.7	3.8	3.7	3.7	3.7	3.7	3.6	3.7	0.0	0.0
Trade receivables and other current assets	293.3	257.4	282.6	152.4	174.0	181.2	183.4	169.7	224.2	116.4
Derivatives	8.2	1.7	0.6	1.7	0.2	0.0	0.5	0.0	0.0	0.6
Cash and cash equivalents	289.4	224.1	246.4	361.0	401.4	448.0	446.3	305.8	408.6	428.3
Assets held for sale	-	15.0	-	-	7.0	-	-	-	-	-
Total current assets	597.6	502.0	533.3	518.8	586.3	632.9	633.8	479.2	632.8	545.3
TOTAL ASSETS	3,536.5	3,601.6	3,799.9	3,953.1	3,918.9	4,050.1	4,084.5	4,045.4	4,121.5	4,171.5
EQUITY AND LIABILITIES								3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Shareholders' equity	939.2	953.1	992.5	1,005.6	1,037.5	1,057.2	1,041.0	1,089.8	1,119.3	1,130.0
Non-controlling interests	205.2	197.2	187.3	189.7	180.9	173.3	167.6	156.8	152.4	149.3
Total equity	1,144.4	1,150.3	1,179.8	1,195.3	1,218.4	1,230.5	1,208.6	1,246.6	1,271.7	1,279.3
Interest-bearing long-term debt	458.9	280.9	342.4	290.7	220.3	207.7	194.5	173.9	166.8	157.3
Finance liability related to Barossa lease Pension obligations	632.6 4.1	789.2 4.0	955.3 4.1	1,022.1 4.5	1,093.2 4.2	1,196.2 1.8	1,266.6 1.8	1,347.4 1.8	1,409.2 1.9	1,408.1 1.9
Other long-term liabilities	751.4	784.5	841.4	934.5	950.4	988.7	1,014.2	1,040.2	1,044.3	1,080.0
Long-term lease liabilities	11.0	10.2	9.5	9.4	18.1	17.1	16.7	15.1	15.6	15.5
Derivatives	0.4	0.0	0.0	1.5	1.0	0.0	1.9	7.3	1.0	1.0
Total non-current liabilities	1,858.4	1,868.8	2,152.7	2,262.7	2,287.2	2,411.5	2,495.7	2,585.7	2,638.8	2,663.8
Trade and other payables	298.2	257.7	230.3	229.5	183.3	178.0	149.0	137.6	126.3	144.4
Derivatives	19.5	19.3	17.7	2.1	1.6	0.1	0.1	0.0	0.1	-
Interest-bearing short-term debt	199.6	290.8	198.7	242.5	209.3	211.3	213.4	57.5	57.5	57.6
Short-term lease liabilities	5.0	4.2	3.4	2.6	4.6	4.4	4.5	4.2	4.7	5.1
Income tax liabilities	11.4	10.5	17.3	18.4	14.5	14.3	13.2	13.8	22.4	21.3
Liabilities held for sale	-	-	-	-	-	-	-	-	-	-
Total current liabilities	533.7	582.5	467.4	495.1	413.3	408.1	380.2	213.1	211.0	228.4
Total liabilities	2,392.1	2,451.3	2,620.1	2,757.8	2,700.5	2,819.6	2,875.9	2,798.8	2,849.8	2,892.2
TOTAL EQUITY AND LIABILITIES	3,536.5	3,601.6	3,799.9	3,953.1	3,918.9	4,050.1	4,084.5	4,045.4	4,121.5	4,171.5

Cash flow

			Q1 2023 Q2 2023 Q3 2023 Q4 2023			FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024					FY 2024 Q1 2025 Q2 2025
Profit/(loss) before taxes	20.8	14.0	36.1		42.4 113.3	39.5	31.5	15.5		40.8 127.2	79.5	25.1
Adjustments for:
Depreciation and amortisation	48.2	46.3	45.9		46.8 187.2	45.7	45.5	45.6		41.1 177.9	32.4	21.4
Impairment	-	5.1	-	-	5.1	(1.1)	-	-	-	(1.1)	-	14.5
Change in fair value of derivatives	13.9	(2.9)	(10.4)	(11.5)	(10.9)	(3.1)	(2.5)	8.1	(2.6)	(0.1)	(6.5)	(6.3)
Unrealised currency exchange loss/(gain)	0.6	(10.9)	0.6	17.8	8.1	(5.7)	1.0	0.2	(6.0)	(10.5)	6.5	1.7
Add back of net interest expense	12.4	8.8	10.1	9.0	40.3	8.7	4.8	4.3	3.1	20.9	(1.1)	-
Share of loss/(profit) from equity-accounted investees	0.3	(0.6)	(0.4)	(17.5)	(18.2)	2.2	(4.1)	5.7	9.5	13.3	4.6	1.9
Loss/ (gain) on disposal of property, plant & equipment	(6.4)	(8.7)	(9.6)	-	(24.7)	-	-	-	-	-	(14.8)	-
Share-based payment expense	0.5	0.6	0.5	(0.2)	1.4	0.4	0.4	0.4	0.3	1.5	0.1	0.3
Changes in:
Instalment on financial lease	-	-	-	5.0	5.0	-	-	-	-	-	-	-
Inventories	-	2.9	0.2	(0.1)	3.0	-	-	0.1	(0.1)	-	3.7	-
Trade and other receivables	(11.7)	36.4	(24.2)	79.4	79.9	4.1	3.2	(1.1)	14.9	21.1	(66.7)	57.7
Trade and other payables	(1.9)	(23.7)	(13.7)	(6.8)	(46.1)	1.4	(24.2)	4.5	(25.4)	(43.7)	11.7	(13.8)
Other balance sheet items and items related to operating activities	(19.7)	(7.8)	24.1	(31.6)	(35.0)	(4.6)	(3.9)	8.7	9.5	9.7	10.5	(26.2)
Deferred revenues	75.7	29.7		58.7 101.0 265.1		11.9	59.2	(2.2)	(4.0)	64.9	3.2	28.3
Cash generated from operating activities	132.7			89.2 117.9 233.7 573.5			99.4 110.9	89.8		81.1 381.1		63.1 104.6
Taxes paid	(4.6)	(4.9)	(1.6)	(3.7)	(14.8)	(8.3)	(3.9)	(4.3)	(1.7)	(18.2)	(6.6)	(1.6)
Net cash flow from operating activities	128.1			84.3 116.3 230.0 558.7			91.1 107.0	85.5		79.4 362.9		56.5 103.0
Interest received	1.1	2.9	1.9	4.1	10.0	2.9	7.2	4.4	4.7	19.2	6.3	5.2
Proceeds from disposal of property, plant & equipment	125.0	30.9	20.6		24.1 200.6	2.0	27.9	-	-		29.9 100.0	24.3
Proceeds from sale of investments	-	-	-	0.5		0.5 176.4	-	-	-	176.4	-	-
Investment in associated companies	(14.0)	(14.6)	(9.0)	(11.9)	(49.5)	(6.0)	(4.8)	(3.3)	(3.5)	(17.6)	(4.6)	(5.2)
Acquisition of subsidiary, net of cash acquired	-	-	-	(4.0)	(4.0)	-	-	-	-	-	-	-
Acquisition of other investments	-	-	-	-	-	-	-	-	-	-	-	-
Investment in property, plant & equipment and intangible assets				(194.5) (214.9) (191.8) (203.3) (804.5)			(93.2) (112.2)	(77.7)		(96.8) (379.9)	(70.2)	(95.8)
Net cash flow from investing activities				(82.4) (195.7) (178.3) (190.5) (646.9)		82.1	(81.9)	(76.6)		(95.6) (172.0)	31.5	(71.5)
Proceeds from loans and borrowings				124.5 150.2 234.4 402.8 911.9		-	62.6	28.0		72.4 163.0	49.9	25.5
Proceeds from sale of non-controlling interest	-	-	-	18.9	18.9	-	-	-	-	-	-	-
Paid dividend and redemption	(7.5)	(7.5)	(7.4)	(7.3)	(29.7)	(7.3)	(7.2)	(7.2)	(7.1)	(28.8)	(7.1)	(7.0)
Treasury shares Sold	-	-	-	-	-		-					1.0
Interest paid	(4.5)	(0.9)	(3.6)	(10.7)	(19.7)	1.2	(6.1)	(3.5)	(5.2)	(13.6)	13.7	(3.7)
Repayment of loans and borrowings	(91.2)			(56.0) (121.8) (320.7) (589.7)		(74.2)	(14.8)	(15.1)		(14.5) (118.6)	(15.0)	(14.8)
Repurchase of convertible notes	-	(31.8)	(9.4)	-	(41.2)	(35.1)	-	-		(156.8) (191.9)	-	-
Payment of lease liabilities	(1.6)	(1.5)	(1.6)	(1.6)	(6.3)	(1.5)	(1.7)	(1.5)	(1.7)	(6.4)	(1.4)	(1.5)
Dividends paid	(6.3)	(6.4)	(6.3)	(6.3)	(25.3)	(15.9)	(11.3)	(11.3)	(11.3)	(49.8)	(25.3)	(11.3)
Net cash flow from financing activities	13.4	46.1	84.3			75.1 218.9 (132.8)	21.5		(10.6) (124.2) (246.1)		14.8	(11.8)
Net change in cash and cash equivalents	59.1	(65.3)		22.3 114.6 130.7		40.4	46.6		(1.7) (140.4)		(55.2) 102.8	19.7
Cash and cash equivalents at beginning of period											230.3 289.4 224.1 246.4 230.3 361.0 401.4 448.0 446.3 361.0 305.8 408.6
Cash and cash equivalents at end of period											289.4 224.1 246.4 361.0 361.0 401.4 448.0 446.3 305.9 305.8 408.6 428.3

Key figures

	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	FY 2024	Q1 2025	Q2 2025
EBITDA-margin	47.5 %	36.7 %	47.6 %	53.5 %	46.3 %	50.7 %	51.0 %	55.1 %	53.1 %	52.4 %	59.5 %	44.7 %
Equity ratio	32.4 %	31.9 %	31.0 %	30.2 %	30.2 %	31.1 %	30.4 %	29.6 %	30.8 %	30.8 %	30.9 %	30.7 %
Return on equity	11.4 %	5.9 %	9.3 %	20.5 %	11.1 %	10.7 %	11.0 %	9.3 %	11.6 %	11.1 %	23.0 %	13.0 %
Return on capital employed	7.8 %	3.6 %	8.1 %	9.2 %	7.2 %	8.7 %	7.1 %	8.3 %	7.0 %	7.5 %	18.5 %	5.4 %
Net interest-bearing debt (USD million)	369.1	347.6	294.7	172.2	172.2	28.2	(29.0)	(38.4)	(74.4)	(74.4)	(184.3)	(213.4)
Cash flow per share (USD)	0.69	0.46	0.63	1.24	3.02	0.48	0.58	0.49	0.43	2.0	0.31	0.56
EPS - basic (USD)	0.10	0.07	0.17	0.22	0.56	0.20	0.16	0.08	0.23	0.67	0.34	0.14
EPS - diluted (USD)	0.09	0.07	0.15	0.20	0.52	0.19	0.15	0.08	0.21	0.63	0.34	0.14
Outstanding shares - end of period (million)	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	180.8	181.2
Share price (NOK)	29.7	26.2	24.6	22.4	22.4	27.2	30.8	28.4	30.0	30.0	29.2	30.3
Market cap (NOKm)	5,374	4,737	4,448	4,054	4,054	4,918	5,560	5,135	5,415	5,415	5,280	5,482
Market cap (USDm)	514	442	416	399	399	455	521	477	476	476	503	545